Gulf Construction Online

Real Estate

In Brief

01 November 2021

Diyar Al Muharraq completes work on city’s main entrance junction

DIYAR Al Muharraq, a leading real estate development company in Bahrain, has announced the completion of the development of the main entrance junction within its integrated city in the kingdom.

Eastern Asphalt and Mixed Concrete Company (Eamco) began construction work on the project last December. The plan was implemented in five phases over the course of nine months, during which traffic regulations were ensured and operations were executed at an accelerated pace leading to its timely completion, says the Bahraini developer.

The project involved the removal of the temporary entrance roundabout and replacing it with traffic lights, in line with a comprehensive traffic study conducted at Diyar Al Muharraq.

Through the development of the entrance junction, Diyar Al Muharraq aimed to facilitate the flow of traffic and movement of vehicles entering the city, making it easier for visitors to reach key destinations including Diyar Al Muharraq’s sales office, Marrassi Galleria, Vida Beach Resort, Address Beach Resort, Souq Al Baraha, as well as upcoming projects such as Diyar’s Harbour.

Eagle Hills inks deal to launch Reel Cinemas in Bahrain

EAGLE HILLS, a UAE-based private real estate investment and development company, has signed a partnership agreement with Dubai’s Emaar Entertainment to bring its iconic cinema brand Reel Cinemas to Bahrain.

With this deal, Reel Cinemas will be the authorised movie services provider at Marassi Galleria, Eagle Hills’ upcoming beachfront, mega mall at Diyar Al Muharraq in Bahrain.

The first-ever Reel Cinemas in Bahrain will feature 10 screens equipped with the most advanced movie technology, Dolby acoustics’ immersive sound, and adjustable, luxurious seating, says Eagle Hills.

CEO Low Ping comments: “The Reel Cinemas deal is part of our strategy to develop and revitalise cities and communities, in line with innovative lifestyle solutions that meet the demands of modern living. Aligning with notable entities such as Emaar Entertainment further cements the mall’s reputation as one of the kingdom’s highly anticipated destinations.”

Eagle Hills Diyar Managing Director Dr Maher Al Shaer says: “We are delighted to be signing this agreement with Reel Cinemas, Emaar Entertainment’s leading cinema brand within the region, and we are proud to be the first in the kingdom to host the UAE-based giant.

“We aim to provide the visitors of Marassi Galleria with the highest calibre of entertainment offerings and bring a wealth of options to our residents’ doorsteps as we set new shopping, leisure and entertainment standards across the region.”

Eshraq’s debut mixed-use project attracts strong leasing demand

ESHRAQ Investments, an Abu Dhabi-based investment company, has announced that Marina Rise, its maiden mixed-use project on Reem Island, has attracted strong demand with over 60 per cent of commercial and residential units leased since the beginning of its handover process on September 1.

The development received a Building Completion Certificate from Abu Dhabi Municipality in July 1. The mixed-use building features 233 residential units and waterfront retail units.

Eshraq says as an upscale mixed-use project that adds to the vibrancy of the Reem Island community, Marina Rise is attracting interest from millennials and other customer segments, particularly those who work in or near ADGM and Hub 71. There is also a lot of interest in the project’s retail spaces due to its strategic waterfront location.

Ajit Joshi, Delegated Member of the Board of Directors of Eshraq, says: “The fact that we were able to achieve more than 60 per cent occupancy in such a short period of time demonstrates the high quality of the development and underlines the effectiveness of our build-to-lease strategy.”

Marina Rise is the first project completed by Eshraq that will contribute to the company’s recurring revenues. Eshraq also owns another five land plots in the same area and is looking to start design work on the next development.

Sumou acquires 80pc stake in Saudi contracting firm

SAUDI real estate management and development company Sumou has announced that it has reached an agreement to acquire an 80 per cent stake in Jeddah-based Al Mahafel Trading and Contracting Company.

Established in 1999, Al Mahafel is a key player in the operation of building materials and fixtures.

As per the deal, Al Mahafel will develop a plot, spanning across 1.32 million sq m in the Makkah region, to set up a multi-purpose market through a 25-year lease contract, according to a bourse filing.

Sumou Real Estate Company will be managing the development and implementation of the project, it stated.

The real estate group had recently signed a new agreement for the development of a 302,000-sq-m Hittin project plot located on Abqaiq Road at Dhahran. The development and marketing agreement extends for one year.